I have done some pretty detailed studies on the supply and demand for bitcoin. If you look at my last post on the subject you can see that if the trend of “first-time” new investors, (non-whales) as seen in October, continues, it would consume several times the mined supply over the next 12 months. Last 12 months new buyers (non-whales) consumed less than the mined supply. The whales consumed the rest.

Due to the much larger number of non whales, the mined supply will be consumed several times over in the next 12 months.

Therefore, to come back to your charts, it is only a question of time before the upside resistance is broken.

Based on the accelerating demand, I am pretty sure we will exceed the most outrageous price forecasts..